trategic Implications: Who Wins, Who Loses

Winners: Platforms rooted in recognized formats like e-sports, skill-based casual gaming, and educational or learning games stand to benefit from formal licensing and regulatory clarity. The creation of a central authority offers them legitimacy and a potential boost. Losers: Entities deeply tied to RMG such as casinos, fantasy sports operators, poker platforms, Dream11, MPL and similar businesses face existential risk. Their revenue models may collapse under outright prohibition. Outlook:

Nazara Technologies remains relatively safe due to diversified business lines and only indirect RMG exposure. Delta Corp could see major revenue contraction and regulatory headwinds. Unlisted unicorns like Dream11 and MPL, which are heavily reliant on real money gaming, could be severely impacted even more than listed companies.